Beam Therapeutics (NASDAQ:BEAM) Posts Earnings Results, Misses Expectations By $0.01 EPS

Beam Therapeutics (NASDAQ:BEAM) released its quarterly earnings results on Tuesday. The company reported ($1.17) earnings per share for the quarter, missing analysts’ consensus estimates of ($1.16) by ($0.01), Briefing.com reports. The business had revenue of $14.30 million for the quarter, compared to the consensus estimate of $14.52 million. Beam Therapeutics had a negative net margin of 40.56% and a negative return on equity of 16.22%. The business’s quarterly revenue was down 16.9% on a year-over-year basis. During the same period last year, the firm posted ($1.22) EPS.

Beam Therapeutics Price Performance

NASDAQ BEAM traded down $0.52 on Thursday, hitting $26.10. 934,888 shares of the stock were exchanged, compared to its average volume of 1,026,587. Beam Therapeutics has a 52-week low of $18.85 and a 52-week high of $49.50. The company has a market capitalization of $2.15 billion, a price-to-earnings ratio of -14.42 and a beta of 1.86. The company’s 50-day moving average price is $24.22 and its two-hundred day moving average price is $24.65.

Insider Activity

In other news, President Giuseppe Ciaramella sold 51,110 shares of the business’s stock in a transaction on Monday, October 14th. The shares were sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the transaction, the president now directly owns 160,260 shares in the company, valued at $4,210,030.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In related news, CEO John M. Evans sold 60,000 shares of Beam Therapeutics stock in a transaction on Monday, September 30th. The shares were sold at an average price of $24.60, for a total value of $1,476,000.00. Following the completion of the sale, the chief executive officer now owns 938,659 shares of the company’s stock, valued at approximately $23,091,011.40. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, President Giuseppe Ciaramella sold 51,110 shares of Beam Therapeutics stock in a transaction on Monday, October 14th. The shares were sold at an average price of $26.27, for a total transaction of $1,342,659.70. Following the completion of the sale, the president now directly owns 160,260 shares of the company’s stock, valued at approximately $4,210,030.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 111,784 shares of company stock worth $2,834,485 in the last ninety days. Corporate insiders own 4.20% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on BEAM. Leerink Partners raised Beam Therapeutics from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $27.00 to $39.00 in a report on Wednesday. Wedbush reissued an “outperform” rating and set a $57.00 target price on shares of Beam Therapeutics in a report on Tuesday. Stifel Nicolaus boosted their target price on Beam Therapeutics from $66.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, September 11th. JPMorgan Chase & Co. boosted their target price on Beam Therapeutics from $45.00 to $48.00 and gave the stock an “overweight” rating in a report on Wednesday, August 7th. Finally, Scotiabank began coverage on Beam Therapeutics in a report on Wednesday, October 16th. They set a “sector outperform” rating and a $24.00 target price on the stock. Four analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $44.91.

Beam Therapeutics Company Profile

Beam Therapeutics Inc, a biotechnology company, engages in the development of precision genetic medicines for patients suffering from serious diseases in the United States. It develops BEAM-101 for the treatment of sickle cell disease or beta-thalassemia; and BEAM-302, a liver-targeting LNP formulation to treat severe alpha-1 antitrypsin deficiency; BEAM-201, an anti-CD7 CAR-T product candidate, which is in Phase 1/2 clinical trials for the treatment of refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma; and BEAM-301, a liver-targeting LNP formulation for the treatment of glycogen storage disease 1a.